There are many lessons I have learned over the years building businesses and my personal monopoly.
Here are the top 10 lessons that have transformed my life and willl do the same for you.
👇🧵
1. Don't Settle For Second Best
I keep high standards for everything I do. It might be a more expensive path, but ultimately, I don't short-change myself.
2. Knowing Where To Invest Your Time
I find it best to spend the time doing the things I love and on what I am passionate about. Looking back, the goals I failed at were not from a lack of trying but from a lack of passion.
Love what you do.
3. Live Below Your Means
I still get teased to this day about working on the couch with my holey sweatpants.
They were comfortable & they didn't make them anymore. I could have bought a new pair, but they wouldn't be as comfortable and why waste the money.
I eventually caved.
4. Don't Be Cheap
Pay up for quality. A great example is trading. A lot of new traders want to buy penny stocks because they are cheap.
This is the wrong mindset. They are cheap for a reason.
5. When Facts Change, Change Your Mind
Never be stubborn in life. Look at the facts objectively and reassess if things change.
Stubborn traders lose money over time.
Stubborn Biz owners lose clients over time.
Stubborn writers lose sleep over time.
6. Loyalty
Be loyal to your friends
Be loyal to your family
Be loyal to your business partner
Be loyal to your customers
Just be loyal, it will always win in the end.
7. On Desire
"It is not the man who has too little, but the man who craves more, that is poor."
– Seneca
8. On Envy
There will always be those who have less than you. Lift them up.
There will always be those who have more than you. Pick their brains.
Life is about perspective, live yours and only yours.
9. Design your Environment for Success
You are a product of your environment. I've always looked to surround myself with people that are smarter and more successful than me.
10. Create a world where you:
▶️ thrive
▶️ push yourself
▶️ eat right
▶️ exercise
Gain control early.
TL;DR
▶️ Don't Settle
▶️ Invest Your Time
▶️ Live Below Means
▶️ Don't Be Cheap
▶️ Change Your Mind
▶️ Loyalty
▶️ Desire
▶️ Envy
▶️ Success
▶️ Your World
You've made it to the end. 👏
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I reached out to 12 of my favorite traders and asked them:
What is the one thing you would change about your approach to trading when you first started out?
Here are their answers 🧵👇
1. Brian Shannon, CMT
"I really wouldn't change much. There are things I wish I knew but I tend to learn best the hard way and all my greatest lessons are from taking losses and market experience."
There isn't a roadmap to life, but there are things you should do to ensure a smooth transition into your fourth decade.
10 actions I would encourage my 20-year-old self to do by my 30th birthday
Time for a thread 🧵👇
1. Open up a 401K or IRA 💰
Thinking about retirement in your 20's seems like a waste of time.
We've all seen the graphs of investing in a retirement account at 25 verse 30 or 35.
The difference can be hundreds of thousands of dollars. Maybe even millions.
2. Work on your credit score 💳
I made the mistake early in my 20's, I stopped paying the balance on my Discover card. BIG mistake. This blemish on my credit score haunted me for years.
Find out what your credit score is and work on ways to build up your credit.